Market Overview: NASDAQ 100 Emini Futures
The NASDAQ Emini futures week is a big bull trend bar with a small tail above and below. It could be a two-bar reversal with 1-1-2024 – Its body overlaps with the body of week of 1-1-2024. This week went above last week’s high and closed slightly below last week’s high.
On the daily chart, the market started with a big bull bar on Monday followed by smaller bull bars on Tuesday, Wednesday, and closing the week with doji bars on Thursday and Friday.
NASDAQ 100 Emini futures
The Weekly NASDAQ chart
- The week is a bull trend bar with a small tail above and below.
- This week reversed the bear bar of the prior week.
- Last week’s report had mentioned that bears need a follow-through bear bar.
- Bulls needed the opposite – They need this week to be a bull bar or a doji bar and keep the body gap open. Bulls got a good bull bar.
- Since this week went above the high of last week, it triggered the H1 buy signal bar of last week.
- But last week was a big bear trend bar and hence a bad buy signal bar. The week closed below last week’s high as one would expect.
- Bulls need a good follow-through bar next week closing above this week’s high, but this is less likely for the reason mentioned above.
- The last monthly report mentioned that it is unlikely for January to be a bull bar with a low above last month’s low – creating a bull micro-channel.
- So, it’s likely that January is a bear bar, or an inside bull bar or a bar with a low lower than December low.
The Daily NASDAQ chart
- Friday is a doji bar closing around the mid-point of the bar.
- Monday was a big bull trend bar closing above the daily exponential moving average (EMA).
- Tuesday was a smaller follow-through bar with a tail below. Wednesday was another good non-climactic bull bar.
- At this point there was a bull micro-channel with the low of last Friday.
- Sellers came in on Thursday when the market went above the high of last week.
- Thursday was an outside doji bar, and Friday was an inside doji bar.
- It is still likely that there will be a leg down corresponding to the leg down the first week of January.
Market analysis reports archive
You can access all weekend reports on the Market Analysis page.
